Neuromodulation
devices market was valued at USD 2,758 million in
2011 and is expected to grow at a CAGR of 14.4% from 2012 to 2018, to reach an
estimated value of USD 7,072.6 million by
2018.
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The market is driven by factors such as the aging world
population leading to chronic diseases such as Parkinson's and Alzheimer's
disorders and technological advancements in the field of neuromodulation
devices including the invention of transdermal neuromodulation technology by
NMT (Neurowave Medical Technologies). Moreover, the rising prevalence of
chronic diseases, increasing demand for minimally invasive surgeries, the
availability of external funding to conduct clinical studies to help come up
with new and technologically advanced products and the rising healthcare
related consumer expenditure have also driven the growth in this market. The
fact that a neuromodulation device could be used as an add-on treatment and so
can be used simultaneously with other medications also drives the market
forward.
The North American region holds majority of the market share and
accounted for a share of 65% in 2011. The North Americanneuromodulation device market was valued at USD 1,792.7
million in 2011. The
economic developments in the Asia Pacificregion make it the fastest growing region
(CAGR of more than 15% from 2012 to 2018) in the neuromodulation devices
market.
The future growth of the market will be ensured by capitalizing
on market opportunities such as increasing healthcare related consumer
expenditure in emerging economies in the Asia Pacific, Latin American and Eastern European
regions. The availability of medical device manufacturing outsourcing options
helps in curbing costs and thereby enhances profit margins. Also, the presence
of consolidation options in the healthcare industry helps in strengthening the
revenue base to conduct R&D exercises for new product development and thus
helps in strengthening market share.
Implementation of the
Affordable Healthcare for America Act, 2010 which imposes an excise tax of 2.5%
on medical devices and the stringent FDA regulations are some of the factors
restraining the growth of the market. Risks involved in using a neuromodulation
device such as injury to the vagus nerve and nearby blood vessels (carotid
artery and jugular vein) in case of a vagus nerve pacemaker also impedes the
growth of the market.
·
Neuromodulation
Devices Market by Technology
o Spinal Cord Stimulation Devices
o Deep Brain Stimulation Devices
o Vagus Nerve Stimulation Devices
o Sacral Nerve Stimulation Devices
o Gastric Electric Stimulation Devices
·
Neuromodulation
Systems for Different Application Areas
o Medtronic's Spinal Cord and Deep Brain
Neurostimulation Systems
o St. Jude Medical's Eon Mini
Neurostimulator System
o Boston Scientific's Precision Spinal Cord
Stimulation System
o Nevro's Senza System for Spinal Cord Stimulation
o Cyberonics' VNS Therapy System
o Codman & Shurtleff's Medstream system
o Medtronic's Enterra™ Therapy System
o IntraPace's abiliti system
·
Neuromodulation
Devices Market by Geography
o North America
o Europe
o Asia Pacific
o RoW (Rest of the World)
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